As you plan your savings for the year ahead, please review the 2026 contribution limits for the LCMC 403(b) Retirement Plan, and keep in mind these important reminders about upcoming recordkeeping changes. The IRS changes the contribution limits of the retirement plan each year. For 2026, the limits are as follows: Employee contributions: $24,500 Age 50 to 59 and 64+, catch-up contribution: $8,000 Age 60 through 63 catch up ... [...]
Currently, the LCMC Retirement Plan uses OneAmerica as its recordkeeper. This will change in April 2026, when the plan will move to the Voya recordkeeping platform. Voya has acquired OneAmerica’s full-service retirement plan business. The transition will occur over a weekend, so your account assets will not be out of the market during the transfer, and will remain invested in your investment allocation at the time of the ... [...]
Did you know that LCMC has group health, dental, disability and life insurance options available? With fall approaching and typical open enrollment dates opening, now would be a great time to explore your options. Our plan is administered by Hahn Financial Group and Daniel Block is our contact. He is very responsive and can answer any questions you may have. For more information on available retirement and benefits plans through LCMC, ... [...]
Q: Will your heirs be upset with you if you pass without a designating a beneficiary on your retirement account? A: Yes, because your retirement assets will go into probate – even if you have a will. Q: Could you lose track of your LCMC retirement account? A: Yes, make sure to update your account with your new address, phone number, and email. Q: Did you know that the AUL Stable ... [...]
Going to the LCMC Annual Gathering this fall? If so, stop over and see us at our booth. There will be a prize wheel and treats. We will have answers to all of your questions regarding retirement, saving and investments, housing allowance distributions during retirement, and how to enroll in the plan. Also, be sure to check out and sign up for the "Saving Through the LCMC Retirement Plan" breakout ... [...]
If you have an LCMC retirement account and have never accessed your account, you need to first register your account, which means setting up a user ID and password. (See: LCMC Quick Registration Instructions) If it has been over 3 months since your account was set up, your account access may need to be re-activated in order for you to register. Call the Participant Service Center at (800) 858-3829. Here are some tips that may help ... [...]
Did you know that LCMC sponsors a retirement plan for pastors and staff? The plan includes housing allowance benefits in retirement for pastors! There are no fees for the church to adopt the plan and it is easy to set up. You can find all the information about the plan at www.LCMC403b.com. Here's how it works: The congregation adopts the plan by completing the Participation Agreement and Matrix ACH ... [...]
Are you prepared for retirement? Will you have enough to live on during retirement? In 2024 you may contribute up to $23,000 via payroll reduction! Your church may contribute to your account as well. Your contributions plus the church’s contributions cannot exceed $69,000. This is the IRS limit for 2024. If you haven’t started saving early, you still have time to increase your retirement savings. Those over age ... [...]
In last month’s e-newsletter, I discussed the Clergy Housing Allowance Tax Benefit for both working pastors and retired pastors. This article will examine the methods available in determining the annual housing allowance amount. Your excludable housing allowance amount will be the SMALLER of Method 1, 2 or 3: Method 1: The amount actually spent for housing this year Examples of housing expenses ... [...]
Are you taking advantage of the clergy housing allowance tax benefit? Did you know that retired pastors can also take advantage of the housing allowance tax benefit? Learn more [...]
You may think you don’t have the time or money to prepare for retirement. It doesn’t have to be complicated. By focusing on these five basic principles, you can start working toward your retirement goals now, even with limited resources. [...]
Welcome new LCMC congregations and pastors! Did you know that LCMC sponsors a retirement plan for pastors and staff? There are no fees for the church to adopt the plan and it is easy to do. You can find all the information about the plan at www.LCMC403b.com. The congregation adopts the plan by completing the Participation Agreement and Matrix ACH form. Pastors and staff complete the Related Employer Form ... [...]
The LCMC Retirement Plan offers several different types of distributions depending on your age and active status. Forms can be found by logging into your account and clicking on forms. Some distributions may be submitted online, others require a paper form. All distribution forms must be signed by LCMC. The distribution instructions can be found at www.LCMC403B.com. Click on “Plan Information”. [...]
Naming a beneficiary for your retirement account is an important task and should be completed as soon as you enroll. It will mean that probate, attorneys’ fees, and other costs associated with settling estates will be avoided. [...]
In 2023 you may contribute up to $22,500 via payroll reduction. Your congregation can also contribute to your retirement account. The IRS allows total annual contributions into your account of $66,000. If you haven’t started saving early, you still have time to increase your retirement savings. Those over age 50 may contribute an additional “catch-up” contribution of $7,500. For more information, go ... [...]
OneAmerica is the recordkeeper for the LCMC retirement plan. OneAmerica is committed to safeguarding their customers’ assets and personal information. In this environment where fraud and cyber risks are prevalent, OneAmerica uses a multi-faceted approach to guard against these threats. It is also important for you to do your part in safeguarding your account once you have enrolled in the plan. Here are some simple things you can do ... [...]
The IRS allows credentialed ministers to declare a housing allowance distribution from their 403(b)(9) Retirement Plan account in retirement. This means that the portion of your distribution used for housing expenses is excludable from gross income for income tax purposes. This can provide significant tax savings during retirement. The LCMC Retirement Plan is a 403(b)(9) Plan and specifically designed for LCMC ... [...]
It is the congregation’s––more importantly, lay leadership’s––responsibility to ensure that their pastors and families are cared for properly. Planning proper compensation and benefits for those who serve the church is an important task. Every church should see that the pastors and staff have adequate salary and retirement benefits established. The LCMC 403B Retirement Plan is a great vehicle for ... [...]
Naming a beneficiary for your retirement account is an important task and should be completed as soon as you enroll. It will mean probate, attorneys’ fees, and other costs associated with settling estates are avoided. If you are married and would like someone other than your spouse as your primary beneficiary, your spouse must sign and witnessed by a notary public. A trust may be named as a beneficiary. You ... [...]
The LCMC 403(b) Retirement Plan now has a new app for your mobile device that will allow you easy access to your account. To download the app, go to www.oneamerica.com/mobileapp. Participants can register and log into the app using the same username and password as their account. Call OneAmerica at 1-800-858-3829 with questions. Let them know you are with LCMC, plan #963003. [...]
Tom Luing of Capital Management Associates, will be available at the Annual Gathering to meet one-on-one with you about your retirement readiness. Contact Tom Luing by phone at (952) 746-1111 or via email at toml@tomluing.com to schedule a time and find out what to bring with you. Space is limited, so sign up soon! [...]
The Retirement Plan has added new Roth provisions as well as 2 new investment fund options. Roth Provisions: Roth After-Tax Contributions: Participants may contribute Roth after-tax contributions to their plan account. With Roth contributions, the dollars going into the plan have already been taxed, thus, no tax when withdrawn at retirement. Earnings of Roth contributions are tax-free when withdrawn at retirement ... [...]
We recently added an additional investment option in the LCMC retirement plan. Many people want to invest their money according to the values that drive other decisions in their lives. And subsequently, I’ve been asked by some participants in the plan about socially conscious investing.There is an entire subset of the investment industry called socially responsible investing. I became initially interested in this over ... [...]